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Is your firm an award winning practice?

by
19th Sep 2016
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Every year we read of amazing firms who win awards, read their stories and ask ourselves “could we stand a chance of winning that too?”

If you have the basics in place within your firm any award entry takes very little time and it is a wonderful way to reflect on what you have achieved.

Entering awards is a key success driver for boosting team moral and a valuable marketing tool. Sharing such news with clients will reinforce why you are the best adviser for them. Your firm will be perceived in a more positive way and it helps with recruitment and attracting stronger candidates.

Here are four key areas which can set a practice apart from the rest and take minimal time or money to implement:

First impressions

Whether it’s by phone or visit your front of house team is key to creating the best first impression. Do they know clients names, always smile and offer refreshments. Does your reception have client testimonials, your menu of services and a drinks menu? Your own team will be delighted to suggest how you can improve this area of your business.

I have walked into firms often to find boxes and records stacked high, old grubby seats and miserable looking stressed staff who don’t expect me and never even offer a glass of water or to take my coat. I listen to office gossip in the background as everyone thinks I am invisible - in five minutes I learn much about the firm! It also matters hugely if a visitor can see the rest of your team and sense what the overall atmosphere is like.

It’s like checking into a hotel - think about the experience you would expect and rave about to friends. Your business is the same.

Your team

How do you look after your most valuable asset? Here’s what the more successful firms offer:

  • Rewards for hitting billing targets
  • Finish early days
  • Don’t work on your birthday
  • Extra shopping day at Christmas
  • Team event days - day trips out as a firm
  • ‘Menu’ of remuneration package to choose what works best for an individual regarding pay, holiday, study and working hours
  • Team feedback surveys to get their opinion and act on it
  • Measure how happy the team is every week
  • Share your business plan regularly - each team member knows their part to play in that plan
  • Regular documented career development reviews and individual action plans
  • System for feedback on every job and measuring how a team member is progressing
  • Team member of the month awards
  • 360 degree feedback - that means team members reviewing managers and partners. Such feedback is shared with the firm and followed up so progress can be measured
  • Everyone know what each other does in the firm - clear roles and responsibilities shared within the firm
  • Clear interview and induction processes

All of the above provide evidence of what makes your firm special and not run of the mill.

Your clients

Why do your clients choose you to act for them? Ask them!

Are your client testimonials up-to-date and proudly on display. There is no point in having a booklet in reception with testimonials that are three years out of date. That tells me something else.

The most forward-thinking firms continually measure and monitor what their clients think about them. They use changing systems to do this so the client doesn’t feel it’s a ‘robotic tick box’ exercise. The results are always shared with the team and with clients as a ‘total’ to prove the firm really understands what client service means and how they delivery that in reality.

Many practitioners believe client service is simply about meeting deadlines and telling clients the correct amount of tax to pay. I ask the question “isn’t that what every practitioner should be expected to do as standard - like buying a pint of milk and expecting it to be fresh?”

Do you have some case studies with clients where you can record (in writing or video) and share in reception with your team and visitors? I have never met a practitioner who could not tell me at least one story of how he changed a client’s life or did something amazing for them. Capture those stories as that’s what makes you exceptional. Of course, client confidentiality and careful editing has to be respected accordingly.

Do you know what your ideal client profile is? Do you actively seek out these types of clients to act for?

Does every single client know every single service you provide? How can you be sure?

Financials and your personal goals

Can you accurately measure your growth and margins? Are your clients graded and do you know what services are most profitable and who you provide them to.

Have you updated your business plan and know how you are going to achieve your personal and business goals.

Many award-winning firms don’t just focus on profit but pride themselves in taking longer holidays and working less hours. This is more likely to lead to a happier working life which in turn breeds its own success.

Conclusion

If, as a practitioner, you aspire to be an award-winning firm and enjoy the benefits then the above four areas provide an overview and ready checklist for you to consider.

Of course, there are many more factors which make any firm an award winner. Hopefully this article provides you with the motivation to change what you do and achieve the practice you want.

Replies (7)

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FT
By FirstTab
21st Sep 2016 11:12

Based on Alex's fair points below, I have removed my comments. That, on reflection, were not professional.

My apologies to those involved and applied for Practice Excellence.

I was not asked to amend and/or remove my comments.

Thanks (0)
Replying to FirstTab:
Alex Tucker, PracticeWEB
By AlexTucker
21st Sep 2016 09:33

Hi FirstTab

As a judge, I can promise you that we are rigorous when we review entries for the Practice Excellence Awards.

The kinds of things I'm looking for are:

Client focus (an ethos but also data to back it up - more than just lip service)

Planned growth - Whats the marketing plan? How are you measuring success

People focus - how are you developing talent within your practice?

Innovation - a bit more than just having bought in some cloud accounting software.

Business model - what makes the firm unique? Again, we're looking for a lot more than just saying "We're different from other accountants".

Firms are able to upload attachments when they enter, and the more you back up your story with data and other evidence, the better.

Some firms submit a lot of supporting information and the judges can spend hours discussing and debating the entries before we even get to a short list.

The team at AccoutingWEB removes anything that would enable the judges to identify a firm by its entry, so favoritism isn't possible.

I understand that it's probably frustrating that you've entered and not been shortlisted but I think your comments do a disservice to firms who've worked really hard on their entries.

I think Finola is right when she says that entering and winning awards can boost team moral and help with marketing.

Thanks (0)
Replying to AlexTucker:
FT
By FirstTab
21st Sep 2016 09:54

Thank you Alex. I think you have a point about my comments doing a disservice to firms (not forgetting the judges) who had worked hard on their application.

I will not comment further on the process or the awards. Unless, of course, I have something constructive to say.

On reflection, it is sour grapes on my part. That is not right. Plus I am right cynical so and so.

Thanks (1)
Replying to FirstTab:
Alex Tucker, PracticeWEB
By AlexTucker
21st Sep 2016 11:56

Thanks FirstTab

I have been on the other side of the fence, having submitted entries for awards for businesses I've been working for, so have first hand understanding of the anticipation and then the disappointment of not being shortlisted.

I've won a couple too - so know the elation the team can experience when it goes your way :)

Thanks (1)
Glenn Martin
By Glenn Martin
22nd Sep 2016 13:30

I would be keen to see the correlation between "winning awards" and "financial success" of the business.

Years back i was FD of Bar/Restaurant start up, we were voted best new bar in UK after only 6 months trading, great for moral and team building.

However we only broke even in year 1 despite generating large revenues. After that it became obvious the reason we were winning awards was because we were providing too good a job that wasn't getting paid for.

We were already charging a premium to everyone else so no scope for further increase, so we had to reign things back to be more mainstream or commercial. We stopped winning awards but started making money.

I suspect that if clients go away raving about you, it is because you provide a service way beyond what you are charging for.

I find that if most clients like you enough to come back each year and recommend you to others, that is a good balance.

When I have looked at fee blocks recently I have often been suprised at firms I perceived were very good but didn't actually make as much as I thought they would, and by contrast I have seen those with a lesser image that are much better at making money.

Thanks (0)
Replying to Glennzy:
Alex Tucker, PracticeWEB
By AlexTucker
23rd Sep 2016 12:05

Some good points Glenzy

Certainly true that some firms P&L may not match the enviable appearance we see from the outside.

I'm not aware of any studies linking awards directly to financial appearance but they do contribute towards building a trusted brand.

In the case of the bar startup - I wonder if the amazing customer experience help build a loyal base of diners and drinkers, making it possible to reduce costs without losing custom later on?

Also - I have no hospitality experience, I wonder how common is a startup breaking even in its first year? I'd imagine the marketing costs, hiring and training staff, licensing etc in year one would make it fairly difficult for a new outlet to make big profits this quickly? (forgive my ignorance if this is a silly question, but genuinely curious)

Thanks (0)
Man of Kent
By Kent accountant
27th Sep 2016 15:17

@Glennzy - there are plenty of very (financially) successful practices who aren't really interested in these type of awards.

While being a progressive client facing practice may give you a warm glow it doesn't pay the bills.

Yes a mix of the two would be 'nice', but ultimately its pound notes that matter to most. After all that's why we're all really doing it.

Thanks (0)